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Stonepeak will acquire 65% of lubricants business as part of wider plans for the oil company to pay down its debt
BP has agreed to sell a majority stake in its $10bn (£7.4bn) lubricants business Castrol to the US investment firm Stonepeak, as the new chair, Albert Manifold, rapidly reshapes the under-pressure oil and gas company.
Stonepeak will acquire a 65% stake in Castrol, in a deal that values the division at $10.1bn including its debt. The deal, which will see BP retain a 35% stake in the business through a joint venture, is expected to close at the end of next year, the company said on Wednesday.
Source: www.theguardian.com
Written by: truelightfm
👉Listen to The World with Richard Engel and Yalda Hakim on your podcast app👈Source: feeds.skynews.comRead full article
The European Union's executive branch has warned it would respond to any "unjustified measures" after the US State Department barred five Europeans it accuses of pressuring American tech companies to censor or limit US viewpoints. Source: feeds.skynews.comRead full article
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